Company registration number 10881353 (England and Wales)
NEW CIVILIZATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NEW CIVILIZATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NEW CIVILIZATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,273,376
1,894,887
Cash at bank and in hand
514,151
283,775
1,787,527
2,178,662
Creditors: amounts falling due within one year
4
(654,572)
(982,716)
Net current assets
1,132,955
1,195,946
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
1,132,954
1,195,945
Total equity
1,132,955
1,195,946
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 21 February 2024
Mr Steve Fragogiannis
Director
Company registration number 10881353 (England and Wales)
NEW CIVILIZATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
New Civilization Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, The Bloomsbury Building, 10 Bloomsbury Way, Holborn, WC1A 2SL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of live performances is recognised based on performance date.
Revenue from contracts for reimbursed income is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Financial instruments
The company only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NEW CIVILIZATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
21,367
Amounts owed by group undertakings
1,209,967
1,393,061
Other debtors
42,042
501,826
1,273,376
1,894,887
NEW CIVILIZATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
121
Trade creditors
28,139
1,621
Amounts owed to group undertakings
308,844
Corporation tax
522,710
27,861
Other creditors
103,723
644,269
654,572
982,716
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
6
Directors' transactions
During the period, the company incurred expenses of £546,393 on behalf of S Fragogiannis, a director of the company. At the Balance Sheet date the company owed the director £44,659 (2022: £591,052). No interest has been charged on this balance.
NEW CIVILIZATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Related party transactions
During the period, The Great Sound Factory AB, a company owned by the parent company Eight Two AB, made repayments totalling £3,537. At the balance sheet date the related party owed the company £Nil (2022 - £3,537).
During the period, Heroes & Villains AB, a company owned by the parent company Eight Two AB, made repayments totalling £5,769. At the balance sheet date the related party owed the company £Nil (2022 - £5,769).
During the period, Size Inc, a company owned owned by the parent company Eight Two AB, incurred exchange rate fluctuations totalling £49,532 and the company transferred £28,365 to Size Inc. At the balance sheet date the related party owed the company £901,404 (2022 - £922,571).
During the period the company received £264,124 from Eighty Two AB, the parent company, and transferred the parent company £116,818. The parent company incurred exchange rate fluctuations totalling £5,315. At the balance sheet date the parent company owed the company £308,563 (2022 - £461,184).
During the period the company incurred a profit from SSA Touring LLP profit share, the company is a designated member of the LLP, totalling £2,327,877. The company also received distributions totalling £2,013,007 during the year. At the balance sheet date the company owed the LLP £6,026 (2022 LLP owed the Company - £308,844).
All loans are interest free and repayable on demand.
8
Parent company
The company is ultimately controlled by the director via his ownership of the ultimate and immediate parent company Eighty Two AB, a company registered in Sweden.